Oh, the drama! Everstake has basically told the SEC, “Hey, non-custodial staking is NOT a securities transaction, so stop treating it like one!” And you know what? They’ve got a point. We’ve got blockchain innovation being strangled by red tape, and that’s just not cute.
Everstake Defends Non-Custodial Staking: It’s NOT a Security, SEC!
In what could only be described as the showdown of the century (okay, maybe not *the* century, but close enough), Everstake, one of the big players in non-custodial staking, decided to get in the ring with the SEC’s Crypto Task Force. They walked in, all confident, and said, “You can’t regulate non-custodial staking like a securities transaction because it doesn’t even involve giving anyone your crypto! Do you guys even read the Howey Test?”
For those of you keeping score, more than $193 billion is currently staked across PoS networks. That’s right, billion with a B. So yeah, maybe staking is kind of important in the blockchain world. Just a tiny bit. 😏
In their letter, Everstake went all in, arguing that non-custodial staking doesn’t involve asset transfer or any third-party profit schemes. I mean, really, folks, this is basic stuff here. According to the Howey Test (which, by the way, the SEC loves to throw around), those two things are what you need to classify something as a security. But nope, non-custodial staking is just *you* keeping your crypto, staking it, and not involving anyone else in your profit. End of story. No securities for you!
Everstake’s fearless leader, Sergii Vasylchuk, stepped up to the mic and dropped some knowledge on the SEC:
“Meeting with the SEC was necessary, but let’s be real – it’s about educating them on how non-custodial staking actually works. We want to help regulators understand the mechanics of staking so they can make informed decisions. We’re ready to share all our data, infrastructure, and insights. Let’s work together to make blockchain a trustworthy industry, not a regulatory nightmare.”
It’s clear: Everstake is fighting the good fight to keep PoS networks humming along, while also begging for a little clarity on how staking should be regulated. Will this meeting change everything? Only time will tell, but don’t be surprised if the SEC finally gets their act together and stops trying to slap a securities label on something that doesn’t even fit the definition. Because, honestly, it’s not like they’ve got much else to do, right? 😅
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2025-05-17 10:57